French bank CDC could provide 1.6 bln euros for postal bank
The quasi-official French state bank Caisse des Depot et Consignations (CDC) could provide 1.6 billion euros of capital to help set up a bank run by the French post office, a source told AFP on Thursday.
CDC, which has extensive interests in private companies and regional development, could also transfer 40 billion euros (52.32 billion dollars) of assets to La Poste, the state-owned post office, the source added, confirming a story in French business paper Les Echos.
Talk of transferring the assets to La Poste “follows a decision from the public authorities to create a postal bank between now and January 1 2006”, the source said.
The 40 billion euros would be raised partly from assets in La Poste savings accounts that have been transferred to CDC for management.
The offer of 1.6 billion euros of capital should “reassure the regulator, which, according to some people, judges plans for the creation of a postal bank to be inadequately capitalised”, Les Echos said.
CDC declined to comment on the report.
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